10-Q Filing

INFINITE GROUP INC CIK: 884650 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001654954-19-007943`
Period End Date	20180630
Filing Date	20190703
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	imci-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 52 Cash Flow Statement 46

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$30.00K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$5.97K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Cash	`Cash`	$4.45K	USD	Point-in-time
Cash	`Cash`	$42.44K	USD	Point-in-time
Cash	`Cash`	$73.73K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.06M	shares	Point-in-time
Accounts receivable, net of allowances of $26,000 as of June 30, 2018 and $30,000 as of December 31, 2017	`AccountsReceivableNetCurrent`	$479.29K	USD	Point-in-time
Accounts receivable, net of allowances of $26,000 as of June 30, 2018 and $30,000 as of December 31, 2017	`AccountsReceivableNetCurrent`	$132.48K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.05K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.33K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$149.98K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$557.35K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.33K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.35K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Deposits	`DepositsAssets`	$6.67K	USD	Point-in-time
Total assets	`Assets`	$168.97K	USD	Point-in-time
Total assets	`Assets`	$582.37K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$458.25K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$864.93K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$207.61K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$178.06K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$833.79K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$773.37K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$234.89K	USD	Point-in-time
Accrued retirement	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$239.61K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$65.42K	USD	Point-in-time
Accrued expenses - other	`OtherAccruedLiabilitiesCurrent`	$63.11K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$686.00K	USD	Point-in-time
Current maturities of long-term obligations	`LongTermDebtCurrent`	$686.00K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$33.01K	USD	Point-in-time
Current maturities of long-term obligations - related parties	`RelatedPartyLongTermDebtCurrent`	$29.66K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$362.50K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$32.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$32.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.92M	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$737.78K	USD	Point-in-time
Notes payable - other	`OtherLongTermNotesPayable`	$741.06K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$658.63K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesNoncurrent`	$678.29K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.34M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,061,883 shares issued and outstanding	`CommonStockValue`	$29.06K	USD	Point-in-time
Common stock, $.001 par value, 60,000,000 shares authorized; 29,061,883 shares issued and outstanding	`CommonStockValue`	$29.06K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.59M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.66M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.04M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-4.17M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$168.97K	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$582.37K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$3.21M	USD	2 Qtrs
Sales	`Revenues`	$1.57M	USD	1 Quarter
Sales	`Revenues`	$3.10M	USD	2 Qtrs
Sales	`Revenues`	$1.50M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.06M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$2.26M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$979.20K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$522.50K	USD	1 Quarter
Gross profit	`GrossProfit`	$950.92K	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.04M	USD	2 Qtrs
Gross profit	`GrossProfit`	$472.43K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$287.85K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$576.96K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$587.33K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$280.15K	USD	1 Quarter
Selling	`SellingExpense`	$213.11K	USD	1 Quarter
Selling	`SellingExpense`	$454.31K	USD	2 Qtrs
Selling	`SellingExpense`	$326.69K	USD	1 Quarter
Selling	`SellingExpense`	$643.75K	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$606.85K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.04M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$500.96K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.22M	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-134.42K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$21.55K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-3.77K	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-269.78K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$12.33K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$14.60K	USD	1 Quarter
Related parties	`InterestExpenseRelatedParty`	$25.38K	USD	2 Qtrs
Related parties	`InterestExpenseRelatedParty`	$28.98K	USD	2 Qtrs
Other	`InterestExpenseOther`	$49.94K	USD	1 Quarter
Other	`InterestExpenseOther`	$94.99K	USD	2 Qtrs
Other	`InterestExpenseOther`	$48.25K	USD	1 Quarter
Other	`InterestExpenseOther`	$97.25K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$60.58K	USD	1 Quarter
Total interest expense	`InterestExpense`	$120.37K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$126.23K	USD	2 Qtrs
Total interest expense	`InterestExpense`	$64.55K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-390.15K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-195.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-130.00K	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.06M	shares	2 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-390.15K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-195.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-130.00K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$9.90K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$12.98K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$71.41K	USD	2 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-20.00K	USD	2 Qtrs
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-4.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-350.82K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$393.24K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.69K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$8.73K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-406.68K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$608.99K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$92.28K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$58.17K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.72K	USD	2 Qtrs
Accrued retirement	`IncreaseDecreaseInPensionAndPostretirementObligations`	$4.54K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-52.07K	USD	2 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-88.62K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.61K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.61K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$20.00K	USD	2 Qtrs
Proceeds from notes payable - related parties	`IncreaseDecreaseInNotesPayableRelatedParties`	$29.00K	USD	2 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$670.00	USD	2 Qtrs
Repayments of notes payable - related parties	`RepaymentsOfRelatedPartyDebt`	$2.01K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$5.78K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.33K	USD	2 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$21.21K	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-36.47K	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-69.29K	USD	2 Qtrs
Cash - beginning of period	`Cash`	$5.97K	USD	Point-in-time
Cash - beginning of period	`Cash`	$4.45K	USD	Point-in-time
Cash - beginning of period	`Cash`	$42.44K	USD	Point-in-time
Cash - beginning of period	`Cash`	$73.73K	USD	Point-in-time
Cash - end of period	`Cash`	$5.97K	USD	Point-in-time
Cash - end of period	`Cash`	$4.45K	USD	Point-in-time
Cash - end of period	`Cash`	$42.44K	USD	Point-in-time
Cash - end of period	`Cash`	$73.73K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$56.42K	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$57.09K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.